Withholding agents relaxed; require filing statements biannually
Withholding agents have been relaxed and they are now required filing statements biannually, according to new amendments introduced by the government of Pakistan.
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Tag: Finance Supplementary (Second Amendment) Bill 2019
Minimum tax regime withdrawn on commercial imports
Minimum tax regime has been withdrawn on commercial imports by the government of Pakistan. The importers of finished goods were subject to pay 5 percent minimum tax.
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Commissioner empowered to issue assessment order of past ten years on discovery of undisclosed offshore assets
The government has granted powers to Commissioner Inland Revenue at the Federal Board of Revenue (FBR) to issue assessment order of past ten years on discovery of undisclosed offshore assets.
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FBR to notify special procedure for small traders, shopkeepers
The Federal Board of Revenue (FBR) has announced its intent to roll out a special tax procedure tailored for small traders and shopkeepers in the country.
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Loss carry forward allowed for three years on disposal of securities
Loss carry forward allowed for three years on disposal of securities has been introduced through an amendment to the Income Tax Ordinance, offering relief to investors in the stock exchange.
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Tax on undistributed profits not to applicable beyond tax year 2019
The tax on undistributed profits, which had been introduced in the Finance Act of 2017, will not be applicable beyond the tax year 2019.
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